IRB Infrastructure prices IPO as others cancel

The infrastructure theme and a reasonable valuation allow the deal to go ahead, while poor demand forces Wockhardt Hospitals and Emaar MGF to pull their IPOs.

IRB Infrastructure Developers has raised Rs9.45 billion $240 million from its initial public offering, making it something of a rarity in the Indian primary market these days when several other deals have been withdrawn due to poor demand.

Observers say the infrastructure theme was likely a key reason for the investor interest, but they also note that the IPO was priced at a reasonable valuation compared with its sector peers. When the deal closed on Tuesday last week, investors had...